Market Players In Trouble - "Developers Realize The Market Is About To TANK!"

Suddenly there are people talking about ‘getting out’ of pre-sale assignment contracts in Vancouver developments. Flippers are in trouble and headline prices haven’t even dropped yet. This story of an ‘owner’ vs developer standoff from cuba108 at RE Talks on 2008 Jul 07, 9:55pm -

“I have a client who has purchased a pre sale with a clause preventing him from assigning his unit until the developer has sold all the inventory. Though the sales people have told him that he supposedly has one of the most desirable floor plans and that they would have no trouble reselling it, permission to assign was denied. He was prepared to assign at a substantial loss, pay the developer for the extra commissions involved and some other concessions, to no avail. They also pointed out that not only would he lose his 15% (90K) they would sue for the balance plus interest. Developers realize the market is about to TANK! He is now so angry he is going to list his unit at 25% under market, with the condition it is assigned when the development is sold out (if ever). If nothing else he may bring sales to a stop until someone bites. Fortunately he has the money and the stones to carry this out, but I’m afraid the majority of pre sale purchasers ( Woodwards anyone? ) are hooped.”